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MicroStrategy CEO: Bitcoin Will Only Be Sold If All Financing Options Are Exhausted
MicroStrategy CEO Phong Le stated in a What Bitcoin Did interview on November 28, 2025, that the company could theoretically sell Bitcoin, but would only do so in extreme circumstances. The company would consider selling Bitcoin only if the mNAV drops below 1x, all other financing avenues are unavailable, and it must fulfill preferred stock dividend obligations. He emphasized that while this move would be a rational decision from a mathematical and financial return perspective, they are very reluctant to become "the company that sold BTC" from a market sentiment and corporate identity standpoint. He stated that unless all financing options are exhausted, selling Bitcoin will always be the last resort.
Source: What Bitcoin Did